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Prosafe SE: Resignation of CEO Terje Askvig and appointment of Reese McNeel as interim-CEO
Globenewswire· 2025-08-29 10:09
Group 1 - The CEO of Prosafe, Terje Askvig, will resign effective September 1, 2025, with Reese McNeel appointed as interim CEO and CFO [1][2] - Carey Lowe, the Chair of the Board, will serve as executive chairman during the transition period [1] - The Board has initiated a process to appoint a permanent CEO [1] Group 2 - Terje Askvig is credited with leading Prosafe through a challenging financial restructuring, leaving the company as a leading provider of floating accommodation vessels and Units for Maintenance and Safety (UMS) [2] - Prosafe is a prominent owner and operator of semi-submersible accommodation vessels and is listed on the Oslo Stock Exchange under the ticker code PRS [2]
Prosafe SE: First-quarter results 2025
Globenewswire· 2025-05-21 05:01
Core Viewpoint - Prosafe SE reported a decline in EBITDA for Q1 2025, but maintains high utilization of its fleet and is progressing on new contracts, indicating a focus on operational efficiency and future growth opportunities [1][3]. Financial Performance - EBITDA for Q1 2025 was USD 4.6 million, down from USD 7.2 million in the same period last year [1]. - Revenues decreased slightly to USD 33 million from USD 34 million year-over-year [4]. - Cash flow from operations improved to USD 28.4 million, compared to a negative USD 1.4 million in the previous year [4]. - Capital expenditures (Capex) increased significantly to USD 21.2 million from USD 1.7 million, attributed to the reactivation of vessels [4]. Operations and Contracts - The company had four active vessels during the quarter, with high utilization rates [1][3]. - Safe Notos was recently named the winner of a 4-year tender with Petrobras in Brazil, pending final contract [3]. - Safe Zephyrus has been extended with Petrobras until Q3 2027, and Safe Caledonia is reactivated for a UK contract starting June 1 [4]. Recapitalization and Financial Structure - A recapitalization plan has been agreed upon, equitizing USD 193 million of debt for 90% of the company's shares, supported by lenders [4]. - Existing shareholders will retain 5% ownership and have the option for an additional 5% at EUR 0.01 per share [4]. - The estimated post-recapitalization net debt is projected to be USD 220 million, with expected completion in Q3 2025 [4]. Market Outlook - Ongoing Petrobras tenders indicate strong market fundamentals in Brazil, while North Sea operators are planning future campaigns with a focus on 2027 and beyond [4]. - The increased backlog and improved market conditions position Prosafe for enhanced earnings in the future [4].